Community Enhancement and Economic Development (CEED) Loan Program

The Community Enhancement and Economic Development Loan Program (CEED) is the State of Indiana’s loan program under the Section 108 Loan Guarantee Program (24 CFR 570, subpart M),. CEED provides communities with a source of loan financing for economic development, housing rehabilitation, public facilities, and other large-scale projects.

Eligible applicants include all non-entitlement Local Units of Government (including Counties) in Indiana. Funds may be used by the Local Unit of Government or lent to another public or private entity (e.g. for profit or nonprofit housing developer, an operating business) that will undertake an eligible activity.

Activities eligible for CEED financing include:• Economic development activities eligible under CDBG;• Machinery and Equipment;• Acquisition of improved or unimproved real property in fee or by long-term lease, including acquisition for economic development purposes;• Site preparation, including construction, reconstruction, installation of public and other site improvements, utilities or facilities (other than buildings), or remediation of properties with known or suspected environmental contamination;• Clearance, demolition, and removal, including movement of structures to other sites and remediation of properties with known or suspected environmental contamination of buildings and improvements on real property acquired or rehabilitated;• Payment of interest on the guaranteed loan and issuance costs of public offerings; and• Payment of issuance, underwriting, servicing, trust administration and other costs associated with private sector financing of debt obligations.

Business Expansion and Entrepreneurship Development (BEED) Program

In 2010, after recognizing the need for more microenterprise opportunities throughout the state, IHCDA created the Business Expansion and Entrepreneurship Development (BEED) Program, with the primary goal of assisting and fostering microenterprise development through community lending.

Pairing business counseling with financial assistance, the BEED program loans business up to $10,000 for start-ups and $25,000 to expand existing businesses. The BEED program may be paired with the Individual Development Account (IDA) matched savings program as well.

IHCDA currently works with several community action agencies around the state, serving micro-entrepreneurs in 57 of Indiana's 92 counties. To apply, contact an agency in your area.

Matched Savings Opportunities

IHCDA works with community action agencies around the state to help Hoosiers better themselves through a structured matched savings program. Individual Development Accounts (IDAs) are available on a limited basis to qualified Hoosiers who are interested in improving their financial literacy and participating in a dedicated savings program where their deposited funds are matched.

Once matched, and upon completion of a detailed work plan and financial counseling, program participants may put their savings towards a qualified asset purchase. These purchases may include a higher education, a home, or a small business. For additional information about IDAs, please visit the information about Matched Savings Opportunities.

Additional Resources for Small Businesses

The U.S. Small Business Administration, established in 1953, provides financial, technical and management assistance to help Americans start, run, and grow their businesses. With a portfolio of business loans, loan guarantees and disaster loans worth more than $45 billion, in addition to a venture capital portfolio of $13 billion, SBA is the nation's largest single financial backer of small businesses.

The Indiana Small Business Development Center is a state based organization offering a wealth of free and low cost information, management counseling, and educational services designed to support Indiana small business owners and potential entrepreneurs. Our mission is to help Indiana business grow and create new jobs within the state.

The mission of Business Ownership Initiative of Indiana (BOI) and its Central Indiana Women’s Business Center program is to help men and women start or grow their own businesses by providing knowledge, skills and access to financial resources. Central Indiana Women’s Business Center program is widely recognized by small businesses and entrepreneurs throughout the 9 county Central Indiana Region. The Central Indiana Women's Business Center program is funded in part through a Cooperative Agreement with the Small Business Administration www.sba.gov This is not an endorsement of any products, opinions or services. All SBA funded programs are extended to the public on a nondiscriminatory basis.